Shares of nano-cap Cleveland BioLabs, Inc. (NASDAQ: CBLI) jumped out of the gate at Monday's open and are sustaining the strong momentum on over 100 times their average volume.
The strong move came amid a lack of any significant news from the company. It's apparently in reaction to the coronavirus outbreak in China, which has thus far claimed 80 lives and left about 461 in critical condition.
Cleveland BioLabs neither has any coronavirus drug or vaccine in its pipeline nor an experimental one targeting the deadly disease.
The company's most advanced pipeline asset is entolimod, which is in Phase 1 development as a radiation countermeasure and as an immunotherapy for oncology and other indications.
Apart from another experimental drug CBLB612, which is being evaluated for chemotherapy-induced myelosuppression, Cleveland BioLabs has an adjuvant vaccine candidate codenamed SA-701 in early-stage of development. Vaccine adjuvants are chemical substances that may be added to vaccines to boost the immune response.
SA-701 is being evaluated for multiple indications namely addiction, infection and cancer.
Cleveland BioLabs joins a host of companies that have capitalized on the coronavirus frenzy, thanks to their product candidates/techniques that could came in handy for screening and preventing or tackling the infection.
Cleveland BioLabs shares are soaring 165% to $3.50 at time of publication.